Things a home buyer should know Tip #1

By
Real Estate Broker/Owner with Caron's Gateway Real Estate NH #054318

Why You Should Not Make Any Major Credit Purchases
 
Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.

Every $100 you pay per month on a credit payment could cost your about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.

Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.

Comments (1)

Steve Baklaich
RE/MAX Results St Cloud Mn real estate - Saint Cloud, MN
Treating Buyers & Sellers to Full Service Always.

Great advise Diane. Some buyers will not have this figured out and could blow their deal  up for a flat screen tv.

May 17, 2012 12:46 AM

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